Wema Bank Gets Shareholders Nod for N200bn Recapitalization Plan

Wema Bank shareholders have given a resounding thumbs up to the bank’s proposal to raise additional capital to meet the Central Bank of Nigeria’s (CBN) minimum recapitalization target of N200 billion.

The shareholders praised the bank’s impressive 2023 financial performance, which saw a 196 per cent increase in Profit Before Tax (PBT) to N43.59billion, a 220.4 per cent increase in Profit After Tax (PAT) to N33.66 billion, and a 70.63 per cent increase in Gross Earnings to N225.75billion.

In addition to approving the dividend payment of N0.50 per share, the shareholders also gave their nod to the appointment of two new Non-Executive Directors, Yewande Zaccheaus and Yusuf Kazaure, as well as the new Executive Director, Segun Opeke.

Wema Bank’s MD/CEO, Moruf Oseni, expressed gratitude to the shareholders and stakeholders for their support, which he attributed to the bank’s stellar performance.

He disclosed that the bank has made significant progress towards meeting the CBN’s recapitalization target, with a capital base of N55 billion following the approval of the N40 billion Rights Issue, which is awaiting listing on the Nigerian Exchange.

Oseni assured shareholders that the bank is committed to raising the remaining N145 billion within the 24-month timeline through public placements and a public offer, ensuring that Wema Bank retains its national license and continues to provide optimum value for all shareholders and stakeholders.

Shareholder Badmus Tunde commended the bank’s exceptional results and expressed confidence in the new leadership, saying, “I welcome the new Chairman and MD/CEO on board. They are very capable of steering the ship. I congratulate the bank for coming this far, and I pray God grants us long life.”

With shareholder approval, Wema Bank is set to disburse the N0.50 dividend for FY 2023 to its shareholders by May 29, 2024, and is poised to continue its impressive financial performance in 2024 and beyond.